Inflation Yet Again Stays Low

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How’s the inflation monster doing these days? Here’s the latest from the BLS:

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.5 percent in June on a seasonally adjusted basis, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 1.8 percent before seasonal adjustment.

The gasoline index rose sharply in June and accounted for about two thirds of the seasonally adjusted all items change….The index for all items less food and energy increased 0.2 percent in June, the same increase as in May….The index for all items less food and energy has risen 1.6 percent over the last year, the smallest 12-month change since June 2011.

Rising oil prices are showing up in higher gasoline prices, and that’s about it. Everything else is well under control and core inflation is at its lowest rate in two years. So maybe we should do something about unemployment instead, instead of worrying that it’s always 1979 all over again?

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DEMOCRACY DOES NOT EXIST...

without free and fair elections, a vigorous free press, and engaged citizens to reclaim power from those who abuse it.

In this election year unlike any other—against a backdrop of a pandemic, an economic crisis, racial reckoning, and so much daily bluster—Mother Jones' journalism is driven by one simple question: Will America move closer to, or further from, justice and equity in the years to come?

If you're able to, please join us in this mission with a donation today. Our reporting right now is focused on voting rights and election security, corruption, disinformation, racial and gender equity, and the climate crisis. We can’t do it without the support of readers like you, and we need to give it everything we've got between now and November. Thank you.

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